Daily News | Philly finished the budget year with an unexpectedly high $492.4 million financial cushion
with $405.8 million more in unspent cash than it had projected due to unexpectedly strong revenue from the business and real estate transfer taxes, a new city report shows.
For Mayor Jim Kenney’s administration and others concerned about the city’s ability to weather downturns, that’s great news. The unspent money, known as the fund balance, now amounts to just under 9% of the budget, which is higher than the city’s goal of maintaining a 6-8% fund balance. But it’s still well below the Government Finance Officers Association’s recommendation of leaving 17% unspent, which would be $886.6 million.The business income and receipts tax took in about $633 million last year, $30 million more than previously expected. The real estate transfer tax, meanwhile, took in $537.7 million, which is $47.
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